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As part of the ongoing investigation into the causes of the financial crisis, the Financial Crisis Inquiry Commission is holding a public hearing focusing on credit rating agencies.  Phil Angelides, the Chairman of the Commission began today?s hearing by criticizing Moody?s as being a ?triple-A factory.? 

Also, Eric Kolchinsky, the former head of Moody?s Investors Service unit that rated subprime collateralized debt obligations, characterized his time at Moody?s this way, ?It was clear to me that my future at the firm and my compensation would be based on the market share.?  In a prepared written testimony, a former Moody?s derivatives vice president, Mark Froeba described Moody?s as a place where ?they used intimidation to create a docile population of analysts afraid of upset investment bankers and ready to cooperate to the maximum extent possible.?

Click here to watch the hearing.

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